Orient Magazine Issue 88 - August 2022 - Page 46

WELCOMING NEW MEMBERS
JOLT DIGITAL
Asian-born Jolt Digital was created because of the increasing need to change up the media agency offer .
We have been connecting brands to consumers for the past 4 years for small and big clients such as GSK , Nestle , McCormick , ESSEC Business School , Bahlsen , and many others .
Visit https :// jolt-digital . com / for more . Representative Member : Seb Lepez
LOGCHAIN
LogChain is transforming logistics for anyone who makes , moves , or consumes goods . LogChain is a software layer that connects small and large stakeholders , office and site-based staff , so that trusted supply chain data is shared in real time . This reduces the cost of logistics through reducing admin , making logistics happen faster because delays are reduced , and makes the business better because significant operations can be automated .
This improves efficiency and resilience and offers new levels of transparency . Ask us about our powerful digital customs clearance technology !
Visit https :// thelogchain . com / for more . Representative Member : Andrew McKeown
MING LABS
MING Labs is a digital innovation and transformation company with offices in Berlin , Munich , New York , Shanghai , Suzhou and Singapore . With over 80 digital experts globally , we build digital products that delight and digital businesses that deliver . Across strategy , design , development , launch and support - we work end to end with our partners .
We are the first choice for entrepreneurs and intrapreneurs looking to move faster , iterate sooner and create Magic Moments with the products and businesses they build . Our clients include digital innovation and transformation units from some of the most reputable brands globally , including : BASF , BMW , BOSCH , Lufthansa , Mann + Hummel , MunichRe , Siemens , Schneider Electric , UTC and many more .
Visit https :// minglabs . com / for more . Representative Member : Jason Rungassamy
STUDIO TUTUBI
An interdisciplinary design studio specialised in Architecture , Interior design and Master planning . Established and based in Singapore , the studio is founded upon experiences spanning two decades throughout Asia and Europe . The majority of this based in Singapore having worked with some of the most notable and recognised practices in the region on a wide variety of Award winning local and overseas projects . A portfolio of prior works ranging in scale and discipline , often a collaborative approach of disciplines and application that have broaden experiences throughout all stages of the design process and a project lifespan . Ranging from initial feasibility studies and master planning , design concepts to construction management and a project ’ s completion .
Representative Member : Duncan Fletcher Payne
MAKING TAX DIGITAL – WELCOME TO THE FUTURE OF TAX 46 Making Tax Digital – Welcome to the Future of Tax Managing Director, Spice Taxation I was privileged to attend the two recent British Chamber Leaders in Business lunches with the Deputy Prime Minister Lawrence Wong and the Managing Director of EDB, Jacqueline Poh. It was striking to me that both, completely independently of each other, spoke passionately and enthusiastically about the Digital Economy Agreement recently concluded between the UK and Singapore. My area of expertise, UK taxation, has been dragged along in the slipstream, albeit somewhat reluctantly at times. Legislation has been passed in recent years to enforce the digitisation of many parts of the UK tax system and much progress has been made. We can access our Tax and National Insurance records online through our ‘Personal Tax Accounts’ set up through the ‘Government Gateway’, and many of us file our Tax Returns online. Filing by post is quite rare nowadays and my practice, Spice Taxation, does all of its client’s tax filings online – Income Tax, Capital Gains Tax, Annual Tax on Enveloped Dwellings etc. All of which is positive, saves time and generally makes everything much more efficient. However, from 6th April 2024, landlords who qualify for MTD will need to make a minimum of six annual submissions to HM Revenue & Customs. That is twelve for a couple with one property business (say one property on long term let). Add another five each for each additional business type – such as a Furnished Holiday Letting or taxable Self-Employment. It sounds a bit crazy. However, it is definitely coming and clients and advisers alike need to be well prepared. The enabling legislation this has been drafted and is under consultation.It is, I think, a good thing that we will all need to be more focussed on our tax affairs. I also expect to find that making a quarterly submission will be an easier task than filing a once-a-year Tax Return. So, the pain that so many people feel once a year is going to be spread into more bearable parcels of torment, which is also a good thing. In other words, whilst the change may take some adjusting to, taxpayers and advisers alike will, I am sure, fall into the pattern of a new way of doing Income Tax and find, in the end, that it isn’t that bad after all. There will be a requirement to submit a statement of income and expenses once a quarter (either to coincide with the tax quarter or the calendar quarter), with an annual summary by 31st January following the end of the Tax Year, together with a final submission reporting on other matters such as residence, bank interest, dividends etc.Although MTD is still around 18 months away, there is no substitute for good preparation and here at Spice Taxation, we are ready and are talking to our clients about this. If the thought of engaging with HMRC with multiple submissions every quarter drives you to despair, talk to us. We actually rather enjoy tax, whether it is giving you advice to be more tax-efficient or just helping with submissions like this. We would be very happy to help. What’s more, a new ‘points regime’ is being introduced at the same time. However, these points don’t mean prizes. For every late submission a taxpayer is ‘awarded’ a point. When a certain points threshold has been reached, an automatic GBP 200 fixed penalty will apply for that submission and any subsequent late submissions. The points have expiry dates which is, at least, something. Martin Rimmer And they were right to do so; it is a really exciting initiative that promises much for cooperation and the deepening of ties and trade relations. Digitisation is, of course, much more than a by-word or a slogan – it is a practical necessity in our evolving global economy. 47 So, what was once an annual task is going to become a quarterly task and it is important to get prepared for this. If you file your Tax Returns yourself, make sure that you have ‘MTD compliant’ software and a good diary system! If you use a tax adviser, they will need to be ready to work with this new system and communications and information sharing arrangements will need to be put in place. But it doesn’t always work that way. Sometimes, swifter and easier access to data, greater connectivity and general ease in getting things done digitally can foster an expectation of swifter responses, more accountability and responsibility, and more regular interactions. None of these are bad things in and of themselves of course, but perhaps sometimes they can be taken a step too far. Enter the maddening world of ‘Making Tax Digital’ (MTD). MTD was first announced by George Osborne in the 2015 Budget, where he confidently asserted that the Government would be ‘doing away with the annual Tax Return’. Well, it has taken 9 years, but from 6th April 2024 ‘Making Tax Digital’ for Income Tax arrives for those who are self-employed and, crucially, those who rent out properties, generating turnover of at least GBP 10,000 a year – which of course includes many British expatriates and Singaporeans. So, is the annual tax return being done away with? In a sense, yes. In a sense, no. At the moment, filing a UK Tax Return is a once-a-year task, often deferred and relished by most sane people about as much as, say, root canal surgery. Martin Rimmer is the Managing Director of Spice Taxation, a member firm of the Spice Advisory Group of businesses. Spice Advisory is an exciting new professional services network serving British Expatriates and Private Clients planning to migrate to or invest in the UK. We provide a compre- hensive range of services from UK taxation, estate management, relocation and immigration, property development, debt advisory through to our lifestyle business. Independent of financial advisers, property companies and insurance providers, our focus is on providing impartial advice to our clients. Our evolving network is a trusted source for much-needed professional services for British Expatriates, both in-house and including external providers we endorse as best-in-class.